Council Regulation (EU) No 267/2012 concerning restrictive measures against Iran gives effect to the measures provided for in Decision 2010/413/CFSP.

On 24 November 2013, China, France, Germany, the Russian Federation, the United Kingdom and the United States, supported by the High Representative of the European Union for Foreign Affairs and Security Policy reached an agreement with Iran on a Joint Plan of Action which sets out an approach towards reaching a long-term comprehensive solution to the Iranian nuclear issue. It was agreed that the process leading to this comprehensive solution would include, as a first step, initial mutually-agreed measures to be taken by both sides for a duration of six months, renewable by mutual consent.

As part of this first step, Iran would undertake a number of voluntary measures as specified in the Joint Plan of Action. In return the E3/EU+3 would undertake a number of voluntary measures which would include the EU temporary suspension of the following restrictive measures:
– the prohibition on the provision of insurance and reinsurance and transport for Iranian crude oil.
– the prohibition on the import, purchase or transport of Iranian petrochemical products and on the provision of related services.
– the prohibition on trade in gold and precious metals with the Government of Iran, its public bodies and the Central Bank of Iran, or persons and entities acting on their behalf.

Furthermore, the Joint Plan of Action also foresees the increase by tenfold of the authorisation thresholds in relation to the transfers of funds to and from Iran.

Further action by the Union is needed in order to implement these measures. The High Representative of the Union for Foreign Affairs and Security Policy and the European Commission propose to amend Regulation (EU) No 267/2012 accordingly.